Bayer AG slashing 12,000 jobs worldwide

Bayer AG is expected to restructure 12,000 jobs - effectively some 10% of its workforce - as it exits peripheral businesses like animal health.
By: | December 5, 2018
Topics: Employee Experience | Europe | News

 

In a bid to reduce costs, German pharmaceutical giant Bayer AG is cutting 12,000 jobs worldwide.

The company said a significant number of reductions will affect Germany, of which the total cut will represent about 10% of the workforce. Bayer AG has more than 118,000 employees worldwide.

Aside from layoffs, the company is also planning to exit the sun-care and foot-care segments. The move will boost the company’s core pharma and agricultural businesses.

The firm’s moves stem from the wave of lawsuits that came alongside last year’s US$63 billion (SGD$86 billion) takeover of Monsanto.

Since August, Bayer has lost US$34.1 billion (SGD$47 billion) in market capitalisation after a California jury ruled against Monsanto’s signature weed-killer ‘Roundup’. The company has at least 9,000 other lawsuits pending.